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SEATTLE, Nov. 27, 2018 (GLOBE NEWSWIRE) — According to Coherent Market Insights, global 3D audio market was valued at US$ 3,746.9 million in 2017, and is projected to exhibit CAGR of 16.5% during the forecast period (2018 – 2026).

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Continuous advancements in audio technology such as emergence from 2D to 3D audio, developments in the music industry such as improved publishing operations, increasing demand for audio hardware devices (headphones and loudspeakers) for commercial and personal uses, and increasing usage of 3D audio in the gaming industry for providing more realistic experience to users, are expected to drive growth of the market for 3D audio, during the forecast period.

The global 3D audio market is projected to witness CAGR of 16.5% during the forecast period (2018 – 2026), owing to increasing implementation of 3D audio in the gaming industry and higher adoption of 3D audio hardware devices. Due to high demand for 3D audio, existing market players as well as new entrants are investing high capital to offer upgraded 3D audio products and services to customers. For instance, according to the Coherent Market Insights’ analysis, till 2017, Auro Technologies installed 600 AURO 11.1 3D audio systems for cinemas and Dolby Atmos installed 2,000 3D audio systems, across the world.

The market in Asia Pacific is expected to exhibit the highest CAGR during the forecast period (2018-2026).The factors attributed to growth of the market are increasing technological advancements in the movie, media, and entertainment industries to provide better visual and listening experience to customers. Moreover, rising disposable income in emerging economies such as India is another factor resulting in increasing adoption of 3D audio products and services.

Based on component type, software is expected to be the most dominant segment during the forecast period, owing to its contribution in the deployment of 3D audio software in cinema and music industries